MFEX continues the expansion outside of Sweden. The latest agreement is with Skandiabanken ASA in Norway, in which the trading of all funds will go through MFEX. The new solution replaced the bank's existing solution and is live from October.
MFEX, experts in global automated fund distribution, will now handle all Skandiabanken ASA's trading and rebate collection for all funds.
−With MFEX we have a partner with a long experience of fund distribution with the technical solution we need to offer to our customers, along with an efficient service and wide range of funds, says Ole Larsen, Product owner Funds and Equites of Skandiabanken ASA.
Skandiabanken ASA is the first Internet only bank in Norway and was named the bank with the most satisfied customers by Norwegian Customer Satisfaction Survey, for 14 years in a row. Skandiabanken ASA offers mutual fund and equity trading, lending and borrowing.
MFEX offers a complete solution for fund trading, rebates collection and delivering fund information, a solution which gives Skandiabanken ASA increased automation and simplified administration with less manual trading, fewer distribution contracts, fewer counterparties and now more easily able to expand their range of funds. Transaction costs and operational risk for Skandiabanken ASA is reduced and the banks gets access to over 50 000 funds from over 650 fund companies as well as fast and qualitative access to new fund companies and funds.
−We are delighted by the confidence from Skandiabanken ASA, who decided to work with an independent and transparent partner supported by a world class technology platform, says Oliver Lagerström, Co-CEO of MFEX.
Banks and other distributors of funds use MFEX to easily trade local and cross border mutual funds cost efficiently. Clients can have one single counterpart, providing a full service solution; reducing operational risk, minimizing transactional costs and extending rebate coverage. Through MFEX you get access to the world's largest fund range and Fund companies get easy access to more than 75 distributors in Europe, Asia, Africa, South America and the Middle East.
For more information:
Oliver Lagerström, Co-CEO MFEX
+46 8 559 03 680
About Skandiabanken ASA
Skandia was founded in 1855 and is one of Sweden's first insurance companies and was the first in Sweden to offer life insurance. Skandiabanken AB is owned by Skandia and is an internet only bank with one branch office in Stockholm. In Norway, Bergen, Skandiabanken ASA was founded in 2000 and was the first internet-based bank in Norway. Skandiabanken ASA has approximately 380 000 retail clients and provides lending, borrowing, mutual funds, stock trading and financial advice.
MFEX, experts in global fund distribution, offering a complete solution for fund trading, rebates collection and delivery of fund information. Banks and other distributors of funds use MFEX to access the world's largest fund range with trading, rebates and fund information from more than 650 fund companies and 50 000 funds that MFEX cooperate with. MFEX is independent with full transparency between distributors and fund companies. Our customers include, among others, Keytrade/Crédit Agricole, Handelsbanken, Nordea, Carnegie, Pictet, Danske Bank, Citibank and Bank of Singapore. MFEX has 70 employees with the Head Office in Stockholm and offices in Paris, Umea, Geneva and Singapore.